Believe it or not, I have already consulted a tax professional regarding the taxes, etc. The total tax bill will be around a third of the fair market value of the car (meaning the amount it can be sold for.) Once that and sales tax are paid, I am hoping to come away with a little more than half the original price of the car. I wish I could use a Mustang, but with 3 kids, a spouse and having just purchased a new sedan earlier this year, it just isn't practical.
But back to my original question....what is a fair price for the car? Because of the way the sweepstakes is structured, we have to take delivery of the car, so it will technically be considered used. The dealership will obviously want to make some money on the deal, but I don't really know where to bottom out with them. We were thinking in the ballpark of $17000? Does this sound reasonable? Would I be better off trying to sell it to a private party for that amount? Thanks again!
jlawrence01, since I have never won anything, I didn't know when the taxes would be due. I, too, thought that if you won a car you could sell the car, etc, as you mentioned. But, there was an article after the "Oprah" promotion that there were people who could not accept the cars because of the taxes. Go figure.
Mark
2010 Land Rover LR4, 2013 Honda CR-V, 2009 Bentley GTC, 1990 MB 500SL, 2001 MB S500, 2007 Lincoln TC, 1964 RR Silver Cloud III, 1995 MB E320 Cab., 2015 Prevost Liberty Coach
Speaking as someone who won a new car in 1997, there are two points you need to check on.
First, see if the organization that is giving the car away will tell you exactly what amount they are going to report on the 1099 you will receive. We all know cars are not bought at MSRP value, and they have some leeway as to what valuation they put on the 1099. Hopefully they were able to buy the car at 'invoice' or some very reasonable amount, and this is what they will put on the 1099. This will give you a much better idea of what the end of year tax impact might be. And, it will give an idea of what you might want to attempt to sell the car for.
Second, and you should talk to a tax 'expert', but here what I did with my car I won. I also did not want the car - a stripped 5-speed, bottom of the line vehicle. And I was not able to sell the car for the amount that was to be stated as its value on the 1099. IF YOU DO NOT PUT THE CAR INTO PRIVATE SERVICE, in other words if you don't drive the car for a significant amount (we drove the car home and garaged it), you do not have to declare the 1099 income as Personal Income, you can declare it as Capital Gains (Schdule D). And if you cannot sell it for the amount of the 1099, you can declare this as a loss on a Capital Gain, reducing your taxes on it. I lost over $3,000 on the one I won. You can only declare a max of $3,000 loss on your return, but you can 'carry over' to a following year the amount over $3,000.
This was done at the advise of a Federal IRS 1-800etc inquiry. And I never had any problem with those 2 years tax returns.
Also, you don't have to use the 1099 value as the true personal income value if it is more than a 'fair market value'. A 'fair market value' for winnings or gifts can be used. But since I did not do this I have no idea what kind of paper you would have to furnish on your return to establish a 'fair market value' less than a reported 1099 value.
If you do sell the car to a private buyer, you better get some complete bill of sale documents, sign by you and purchaser, and I would get the signatures notorized. You will need this to support your tax return. Now, if you are able to sell this thing for more than the 1099 is going to be - well the amount you put on your tax return is between you, your conscience, and the IRS auditor.....
I've just given you at least $250 of free tax advise, if you went to a tax lawyer or CPA that would really research this question.
I have not looked up the Chicago Tribune article and it has been a year or so. Maybe they had to pay sales tax, I don't know. In fact, I believe that is what it is. However, you have to be pretty hard up on your luck if you can't scrape together $2k to pick up a $26k car. I mean there are any number of people who will lend you $2k this week for $2800 in two weeks ... on nearly any corner in Chicago.
Pontiac picked up the sales and the local taxes. Winners had to pay federal income tax on the car ... BOO HOO. Just like the rest of us.
If Oprah or Harpo Productions would like to send a car to me for free (I could be down there in 75 minutes), I will hand them a check made payable to the US Treasury representing 30% of the MSRP.
After my employee found out that he had to pay $500 FIT on his $5k prize, he was in my office trying to find a way to avoid paying the taxes. My question was "Was the race car driving/ travel worth the $500." Absolutely!!
If you want to sell the car to the dealer then expect to get between $2-4k less than what new ones are going for. Because you have to take delivery, the vehicle will be titled and therefore if the dealer buys it from you then they can't sell it as a new car, or even demo even though it may have 20 miles on it. They would have to sell it as a used car. Also any rebates, and 0% financing on new Mustangs will have a negative impact on the value of your Mustang, because those factory offers won't apply to it if somebody were to buy it from you or a dealer because it's a "used "car.
This is when you simply hand the lender the keys to the car and you tell them you can't pay for it. They won't like this but there isn't much they can do in this case since the owner is deceased.
both names, thats the problem if only his name was on it then we could've brought it right back and it would be the dealers problem, but unfortunately my mom signed it too.
Not good ... unfortunately, she's on the hook whether he's here or not ....
Get the pay-off from the lease company (not the dealer) then give a me complete description of the vehicle over at "Real World trade-in Values" and lets see where we stand with this ...... again, I'm sorry for your loss.
I am looking for ways to sell my 05 Honda Accord as soon as possible. It isn't listed in the Kelly BLue Book yet. I took it to the original dealer, and they offered a ridiculous buy back price. I know there are waiting list for buyers wanting a new one. Is there any way of finding out these lists?
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I am looking for ways to sell my 05 Honda Accord as soon as possible. It isn't listed in the Kelly BLue Book yet. I took it to the original dealer, and they offered a ridiculous buy back price. I know there are waiting list for buyers wanting a new one.
For an Accord? Where do you live? My in-laws almost bought an Accord this week, and there were plenty of them at two different dealers. I think Accord sales are actually down some this year.
Sorry, but if you buy a car and then unload it the same year, you're going to take a hit. And if you've put more than 10,000 miles on it already, it'll be an even bigger hit. It's an Accord, not a Picasso.
That explains it then. I hereby withdraw part of my post.
I'm surprised that the Accord Hybrid isn't doing that well on resale. If it was a Prius, the Toyota dealer might have bought it back at close to sales price.
I want to sell my car privately (Massachusetts state here). Due to high miles (had an 85-mile-a-day commute), the dealer's trade-in would be way low.
The car was financed and I am still paying the loan on the car. I don't have enough money to pay off the entire loan, but I have enough to cover the negative equity. I am investigating my options for the sale.
I called Mazda American Credit today (the lender), after reading on their site that it takes 10-15 business days to obtain the title after loan payoff. The rep said that in Massachusetts, a state with electronic titles, it typically takes quite a bit longer than 10-15 business days to receive the title! The rep claimed that the electric title process is slower because the state has to print and mail the title after lender releases the title electronically.
From what I can tell, this means that even if I overnight a certified check with the seller's money and my money (covering the upside down), it will take more than three weeks to receive the title (at which point, I can sign it over). Meanwhile, the buyer cannot register the car without the title (and the grace period for registration transfer is only 7 days!).
But who's going to wait 3+ weeks for their car??
Since I don't have enough money to pay off the whole loan, I can't get the title ahead of time.
Or am I all wrong about this? Any advice is much appreciated.
private sales on a car with a lein are messy for this reason. If you are lucky, the title is with a lendor with a local office where you can do the swap. Not the situation in your case though.
You can check with the DMV to see what they will do with a bill of sale, letter from MMC, etc., but don't hold your breath.
If it was me in this situation, I would borrow s/t (CC, family, whatever) to pay off the car and get the title, and immediately pay off the bridge loan whe it sells.
having bought many cars used, I would simply pass on a deal like this, unless I was absolutely stealing the car from you. Title in hand and cash in hand are a wonderful pair.
Actually, I was your poting in RRTIV. SOunds like a good car, must be highway miles. Not that you asked, but considering you are going to get pounded on price due to the miles, why not just keep it? You do maintenance, use top quality fluids, etc. You could easliy double the mileage on it with no real problems, and it won't be worth that much less with 160K than it is now.
Yeah, it appears that paying off the *entire* loan amount well before the sale is the way to go to get a private sale accomplished. I will call the RMV to see if they can accept something else instead of the title for registration, that's a good idea.
As far as keeping the car goes, I really should keep it. Yes, pretty much 90% of the miles (if not more) on that car are highway. The synthetic automatic tranny fluid (amsoil) reduces the danger of overheating and doesn't need changing for typically least twice as long as the recommended period... Mazda doesn't have a recommended period, though. So I figure it's good until at least 135K. Etc. etc I also have a 0% APR loan from MAC on that car. With a low monthly payment of $273, it makes the most financial sense to keep the car (I no longer drive 45K/year, it's now about 22K/year).
However, I made the mistake of buying a car with an automatic transmission AND a car that was fun to drive ("point and shoot" handling). I didn't know anything when I bought the car, but due to a good local and online Protege community, I turned a car enthusiast. So the car was no longer just "point A to point B." I learned that the automatic transmission costs me 10% power, 2-3mpg mileage, AND, for winter driving, I can't put a limited slip differential (that in many situations would make it 2-wheel drive, instead of 1-wheel drive). That, plus I really want to be able to select gears, and I want that feel of the manual transmission.
I am head over heels over the RX-8 (and been that way for 1.5 years now). Going to go and really "test drive" it at the Zoom Zoom live event coming up in Boston. I looked at my finances and I can afford it. Plus, it really seems like the right car for me, and I can probably drive it into the ground (150K+) with no major problems. So I decided to at least look into going for it, hence the investigation into trade-in and private sales.
Last time I considered trading in the Protege, it had 65K miles, was 1.7 years old and and I had to pull teeth to get the dealer to give me $6500 on the trade-in.
Anyways, thanks for your help, I'm going to go ponder further... maybe I really should just keep the car another year... ehh
If I keep it, it'll be narrow 175/70/14 winter tires and I will be able to almost pretend that I have a limited slip differential.
I am just researching my options. Now that I just researched some more, I may just keep it
I remember there was some site online that showed a car's value against time. It showed the Kelly Blue Book or NADA or something like that, but also gave you a graph of how the miles affect the value and how the time affects the value (or maybe just one of those graphs?)
I am curious to "predict" how much the value would drop over time.
Well, trading in an AT for a stick comepletely changes my opinion. Pay no attention to Bobst over there.
Seriously, people here will give you all kinds of advice what to do with your money and/or life. But, it is up to you to make the determination of what you can and should do. Just keep a level head. I would hate to see you back here in 6 months on the "i can't afford my car, what should I do thread?"
also, be aware that the RX-8 is not a particularly good winter car. At minimum, you will need to drop some $$ on dedicated wheels and snow tires.
Yep, I already budgeted winter tires & wheels. The RX-8 should be barely worse than my current open-diff FWD car, primarily due to limited slip on the rear axle (so it won't spin just one wheel). The biggest winter negative will be the lower ground clearance. I think I'll enjoy the RWD dynamics in the snow.
My plan right now is to attend Zoom Zoom Live in the Boston area in early Sept, so I can really "test drive" the RX-8 (as in, drive it hard at an autocross style track), and hopefully get a $500 off coupon or something (they gave those out 2 years ago at the Mazda Rev It Up event). Also, by then the 2006 models should be out, and bigger rebates on the remaining 2005's await
I don't suppose you're a home owner. If so, you could take out a home equity loan to pay off your current ride and get the title, then pay it back when you sell it.
"I learned that the automatic transmission costs me 10% power, 2-3mpg mileage, AND..."
I'll bet your current ride, with an automatic, gets better gas mileage than the RX-8 will with a stick. I have owed three rotary-powered vehicles, and they deserve their gas-swilling reputation.
I sympathize with your plight... I have never driven and automatic that didn't leave me annoyed and/or dissatisfied. But Bob is right about wanting what you have vs having what you want. There are wiser things to spend money on than cars.
I know it's heresy to say this in a car sales forum, but as a financial professional, the only thing that I would recommend purchasing with borrowed money is a home (and in today's inflated markets, even that is risky). For cars you should save first, and pay cash. It's funny when paying with cash, rather than with "payments", how frivolous the luxury/techno do-dads on most new cars seem. :P
You only have to pay tax on the fair market value of the prize. While you may run into issues getting a correct W-2 issued, if you won a Ford that was selling at the Family Plan Price, keep records of the selling prices when you won the car. Most dealers are CYA and will issue it for MSRP.
I realize the Mustang is not at the Family Plan price - that was just an example.
I drive a 1990 VW Westfalia Multivan (automatic transmission) 74000 km total mileage. heh we call it precious and ordered it when new fro gemany..The last few months when the engine is cold it will kick. For instance I have left my drive way got to the stop at the end of the street applied the gas to move and it jerks, kicks like it was either.. 1. stuck in a stop position 2. The brake had not released correctly. Whats weird is it only does this for the first say three stops then when the engine is warm I have no more problems.. Has any one ever heard of such a thing? Any help would be greatly appreciated.. We suspect the tranny but well do not want to get taken to the cleaners by a transmission company for no reason.. Thanking you in advance
Hi arachneg, This discussion is for those who are seeking advice on selling their vehicle(s). Please visit our topic called Transmission Traumas? and post your question there. Good luck!
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We have an old car that someone wants to buy. The odometer doesn't work. Is there something special we have to do with paper work when we transfer the title over?
Thanks!
Added: we live in NC, and plan on letting the license plate stay on the car. Is there an additional step we need to take?
....... If the odometer is broken, that means you have TMU .. (True Mileage Unknown) ...
If your plan is to sell this puppy .. just make sure the potential buyer is aware of this and whatever you do, just make sure you don't write the last mileage on the title or you might end up in small claims court and sucking-up a loss .... mileage should read *TMU* (or whatever the correct box is in NC) ....... plates.? can't help ya there ...
I've skimmed through the 18 pages of this forum, and saw some mention of selling used cars to dealerships. Does someone have any more information on this, or point me to a post/another section of this site? Im looking to sell my cars, and Im just measuring up every option possible. Thanks!
I think most dealers would be interested in buying cars only. In our case if someone comes in and wants to just sell their car to us (not trading in or buying another car) we can definetly appraise it and put a number on it and if the price is right for both parties the seller gets the check the next day.
Of course it depends what kind of cars and how old they are. We won't buy carts that we can't resell (ex slavage, high mileage, rough shape).
Sorry, I mean to say "car", not "cars". I have a 1 year old BMW 325xi that I would like to sell. Im not familiar with a process for selling back to a dealership (other than carmax), or even if its something worth considering. Thanks!
Go to a BMW dealer or a few and see if they would be interested in buying it from you. Have an asking price in mind, and get them to look at it appraise it and see if they'll buy it. If they give you what you're asking for it be prepared to leave it there at that time, sign the paperwork, and pick up the check the next day (in most cases).
Who do you owe the money to? Is it your bank, a financial institution, or BMW Financial Services?
If you owe the money to BMW then the only way it will affect the sale is that you'll get less money in your pocket as part of the money will go to pay off your loan.
Let's say your car is worth $30k to a dealer, you owe $20k on the car, this means the dealer will take the car in at $30k, cut a cheque to BMW for $20k that you owe, and give you a cheque for $10k.
Now let's say your car is worth $30k but you owe $35k (taxes, interest, etc etc) then in order to get out of the loan/car you would need to come up with $5k out of your pocket.
The easiest way to do this is call up BMW and get a payout on your loan (how much you have left owing on it). Then go to a BMW dealer and get it appraised. It will take 30 minutes but you'll get a good picture of the situation you're in.
I want to sell my 97 Honda Civic DX sedan (139K miles) but its transmission recently completely crapped out. I have received an estimate of $1,500 to put in a 60K mile transmission. the car is probably worth max $3,000 with a working transmission. will i need to fix the tranny before selling it or are there any other options? thanks.
You can sell it as is but you won't get much money for it. OIr you can fix the tranny and ask $3000k for it, and might be easier selling it with the fixed tranny cause it's one thing the prospective buyer won't worry about.
There's not much of a market for a car that doesn't go. Who would you sell it to - repair shops or salvage yards. I say get it fixed, sell it for $3K. Alternately, see if your repair shop would be willing to buy it from you for $1500 - $2000.
Comments
1) you could sell the car at wholesale, pay the taxes and pocket the cash.
2) you could go to your local bank or credit union, and borrow the tax payment. You do NOT pay the taxes immediately ... April 15.
That would be a problem that I would like to have.
But back to my original question....what is a fair price for the car? Because of the way the sweepstakes is structured, we have to take delivery of the car, so it will technically be considered used. The dealership will obviously want to make some money on the deal, but I don't really know where to bottom out with them. We were thinking in the ballpark of $17000? Does this sound reasonable? Would I be better off trying to sell it to a private party for that amount? Thanks again!
The taxes are based on the 1099, not what it sold for .....
Terry.
Mark
Mark
First, see if the organization that is giving the car away will tell you exactly what amount they are going to report on the 1099 you will receive. We all know cars are not bought at MSRP value, and they have some leeway as to what valuation they put on the 1099. Hopefully they were able to buy the car at 'invoice' or some very reasonable amount, and this is what they will put on the 1099. This will give you a much better idea of what the end of year tax impact might be. And, it will give an idea of what you might want to attempt to sell the car for.
Second, and you should talk to a tax 'expert', but here what I did with my car I won. I also did not want the car - a stripped 5-speed, bottom of the line vehicle. And I was not able to sell the car for the amount that was to be stated as its value on the 1099. IF YOU DO NOT PUT THE CAR INTO PRIVATE SERVICE, in other words if you don't drive the car for a significant amount (we drove the car home and garaged it), you do not have to declare the 1099 income as Personal Income, you can declare it as Capital Gains (Schdule D). And if you cannot sell it for the amount of the 1099, you can declare this as a loss on a Capital Gain, reducing your taxes on it. I lost over $3,000 on the one I won. You can only declare a max of $3,000 loss on your return, but you can 'carry over' to a following year the amount over $3,000.
This was done at the advise of a Federal IRS 1-800etc inquiry. And I never had any problem with those 2 years tax returns.
Also, you don't have to use the 1099 value as the true personal income value if it is more than a 'fair market value'. A 'fair market value' for winnings or gifts can be used. But since I did not do this I have no idea what kind of paper you would have to furnish on your return to establish a 'fair market value' less than a reported 1099 value.
If you do sell the car to a private buyer, you better get some complete bill of sale documents, sign by you and purchaser, and I would get the signatures notorized. You will need this to support your tax return. Now, if you are able to sell this thing for more than the 1099 is going to be - well the amount you put on your tax return is between you, your conscience, and the IRS auditor.....
I've just given you at least $250 of free tax advise, if you went to a tax lawyer or CPA that would really research this question.
Now that I have looked at the article:
link title
Pontiac picked up the sales and the local taxes. Winners had to pay federal income tax on the car ... BOO HOO. Just like the rest of us.
If Oprah or Harpo Productions would like to send a car to me for free (I could be down there in 75 minutes), I will hand them a check made payable to the US Treasury representing 30% of the MSRP.
After my employee found out that he had to pay $500 FIT on his $5k prize, he was in my office trying to find a way to avoid paying the taxes. My question was "Was the race car driving/ travel worth the $500." Absolutely!!
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
Terry.
Why can't they go after the decendent'a estate for the anount owed??
Not good ... unfortunately, she's on the hook whether he's here or not ....
Get the pay-off from the lease company (not the dealer) then give a me complete description of the vehicle over at "Real World trade-in Values" and lets see where we stand with this ...... again, I'm sorry for your loss.
Terry.
Just run an ad in the newspaper. You are competing against clearance sale prices on brand new Accords so your price will have to be pretty attractive.
Real-World Trade-In Values
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For an Accord? Where do you live? My in-laws almost bought an Accord this week, and there were plenty of them at two different dealers. I think Accord sales are actually down some this year.
Sorry, but if you buy a car and then unload it the same year, you're going to take a hit. And if you've put more than 10,000 miles on it already, it'll be an even bigger hit. It's an Accord, not a Picasso.
I missed it the first time, also..
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I'm surprised that the Accord Hybrid isn't doing that well on resale. If it was a Prius, the Toyota dealer might have bought it back at close to sales price.
There have been periods when we had none and people had to wait.
Most people do the math,and simply buy a non-hybrid.
But, with the Accord.. you can just look at the V-6 sitting right next to it.. and say:
Hey, why can't I have a sunroof?
regards,
kyfdx
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The car was financed and I am still paying the loan on the car. I don't have enough money to pay off the entire loan, but I have enough to cover the negative equity. I am investigating my options for the sale.
I called Mazda American Credit today (the lender), after reading on their site that it takes 10-15 business days to obtain the title after loan payoff. The rep said that in Massachusetts, a state with electronic titles, it typically takes quite a bit longer than 10-15 business days to receive the title! The rep claimed that the electric title process is slower because the state has to print and mail the title after lender releases the title electronically.
From what I can tell, this means that even if I overnight a certified check with the seller's money and my money (covering the upside down), it will take more than three weeks to receive the title (at which point, I can sign it over). Meanwhile, the buyer cannot register the car without the title (and the grace period for registration transfer is only 7 days!).
But who's going to wait 3+ weeks for their car??
Since I don't have enough money to pay off the whole loan, I can't get the title ahead of time.
Or am I all wrong about this? Any advice is much appreciated.
You can check with the DMV to see what they will do with a bill of sale, letter from MMC, etc., but don't hold your breath.
If it was me in this situation, I would borrow s/t (CC, family, whatever) to pay off the car and get the title, and immediately pay off the bridge loan whe it sells.
having bought many cars used, I would simply pass on a deal like this, unless I was absolutely stealing the car from you. Title in hand and cash in hand are a wonderful pair.
Actually, I was your poting in RRTIV. SOunds like a good car, must be highway miles. Not that you asked, but considering you are going to get pounded on price due to the miles, why not just keep it? You do maintenance, use top quality fluids, etc. You could easliy double the mileage on it with no real problems, and it won't be worth that much less with 160K than it is now.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
Yeah, it appears that paying off the *entire* loan amount well before the sale is the way to go to get a private sale accomplished. I will call the RMV to see if they can accept something else instead of the title for registration, that's a good idea.
As far as keeping the car goes, I really should keep it. Yes, pretty much 90% of the miles (if not more) on that car are highway. The synthetic automatic tranny fluid (amsoil) reduces the danger of overheating and doesn't need changing for typically least twice as long as the recommended period... Mazda doesn't have a recommended period, though. So I figure it's good until at least 135K. Etc. etc I also have a 0% APR loan from MAC on that car. With a low monthly payment of $273, it makes the most financial sense to keep the car (I no longer drive 45K/year, it's now about 22K/year).
However, I made the mistake of buying a car with an automatic transmission AND a car that was fun to drive ("point and shoot" handling). I didn't know anything when I bought the car, but due to a good local and online Protege community, I turned a car enthusiast. So the car was no longer just "point A to point B." I learned that the automatic transmission costs me 10% power, 2-3mpg mileage, AND, for winter driving, I can't put a limited slip differential (that in many situations would make it 2-wheel drive, instead of 1-wheel drive). That, plus I really want to be able to select gears, and I want that feel of the manual transmission.
I am head over heels over the RX-8 (and been that way for 1.5 years now). Going to go and really "test drive" it at the Zoom Zoom live event coming up in Boston. I looked at my finances and I can afford it. Plus, it really seems like the right car for me, and I can probably drive it into the ground (150K+) with no major problems. So I decided to at least look into going for it, hence the investigation into trade-in and private sales.
Last time I considered trading in the Protege, it had 65K miles, was 1.7 years old and and I had to pull teeth to get the dealer to give me $6500 on the trade-in.
Anyways, thanks for your help, I'm going to go ponder further... maybe I really should just keep the car another year... ehh
"It's not having what you want.
Its wanting what you've got.
I'm gonna soak up the sun.
Gonna tell everyone to lighten up.
I'm gonna soak up the sun.
Every time I'm feeling lame I'm looking up.
Gonna soak up the sun."
I'm sure you can fully enjoy life without having the car of your dreams right now.
I am just researching my options. Now that I just researched some more, I may just keep it
I remember there was some site online that showed a car's value against time. It showed the Kelly Blue Book or NADA or something like that, but also gave you a graph of how the miles affect the value and how the time affects the value (or maybe just one of those graphs?)
I am curious to "predict" how much the value would drop over time.
Seriously, people here will give you all kinds of advice what to do with your money and/or life. But, it is up to you to make the determination of what you can and should do. Just keep a level head. I would hate to see you back here in 6 months on the "i can't afford my car, what should I do thread?"
also, be aware that the RX-8 is not a particularly good winter car. At minimum, you will need to drop some $$ on dedicated wheels and snow tires.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
My plan right now is to attend Zoom Zoom Live in the Boston area in early Sept, so I can really "test drive" the RX-8 (as in, drive it hard at an autocross style track), and hopefully get a $500 off coupon or something (they gave those out 2 years ago at the Mazda Rev It Up event). Also, by then the 2006 models should be out, and bigger rebates on the remaining 2005's await
I'll bet your current ride, with an automatic, gets better gas mileage than the RX-8 will with a stick. I have owed three rotary-powered vehicles, and they deserve their gas-swilling reputation.
I sympathize with your plight... I have never driven and automatic that didn't leave me annoyed and/or dissatisfied. But Bob is right about wanting what you have vs having what you want. There are wiser things to spend money on than cars.
I know it's heresy to say this in a car sales forum, but as a financial professional, the only thing that I would recommend purchasing with borrowed money is a home (and in today's inflated markets, even that is risky). For cars you should save first, and pay cash. It's funny when paying with cash, rather than with "payments", how frivolous the luxury/techno do-dads on most new cars seem. :P
james
I realize the Mustang is not at the Family Plan price - that was just an example.
:confuse: :sick:
This discussion is for those who are seeking advice on selling their vehicle(s). Please visit our topic called Transmission Traumas? and post your question there. Good luck!
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2015 Kia Soul, 2021 Subaru Forester (kirstie_h), 2024 GMC Sierra 1500 (mr. kirstie_h)
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Thanks!
Added: we live in NC, and plan on letting the license plate stay on the car. Is there an additional step we need to take?
If your plan is to sell this puppy .. just make sure the potential buyer is aware of this and whatever you do, just make sure you don't write the last mileage on the title or you might end up in small claims court and sucking-up a loss .... mileage should read *TMU* (or whatever the correct box is in NC) ....... plates.? can't help ya there ...
Terry
Of course it depends what kind of cars and how old they are. We won't buy carts that we can't resell (ex slavage, high mileage, rough shape).
What kind of cars are you selling and how many?
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
Go to a BMW dealer or a few and see if they would be interested in buying it from you. Have an asking price in mind, and get them to look at it appraise it and see if they'll buy it. If they give you what you're asking for it be prepared to leave it there at that time, sign the paperwork, and pick up the check the next day (in most cases).
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
If you owe the money to BMW then the only way it will affect the sale is that you'll get less money in your pocket as part of the money will go to pay off your loan.
Let's say your car is worth $30k to a dealer, you owe $20k on the car, this means the dealer will take the car in at $30k, cut a cheque to BMW for $20k that you owe, and give you a cheque for $10k.
Now let's say your car is worth $30k but you owe $35k (taxes, interest, etc etc) then in order to get out of the loan/car you would need to come up with $5k out of your pocket.
The easiest way to do this is call up BMW and get a payout on your loan (how much you have left owing on it). Then go to a BMW dealer and get it appraised. It will take 30 minutes but you'll get a good picture of the situation you're in.
Good luck.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
Is the car driveable at all?
2016 Audi A7 3.0T S Line, 2021 Subaru WRX